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☆ Chinese smartphone company Honor gets new investors as it gears up for IPO
▼ + stars: | 2024-10-31 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Chinese smartphone company Honor has released devices that fold up to be nearly as thin as an iPhone. BEIJING — Chinese smartphone company Honor on Thursday announced backing from new investors as the Huawei spinoff prepares for an initial public offering. Honor said earlier this year it planned to start changing its shareholder structure in the fourth quarter, after which it would start the IPO process "at a suitable time." Honor spun off from Chinese telecommunications giant Huawei in November 2020 after the parent company was hit by U.S. sanctions. The company on Wednesday released its new Magic7 series of phones that can use the AI features in China.

Persons: Xingyao, — CNBC's Arjun Kharpal Organizations: Huawei, China Telecom —, Cornerstone, Wednesday Locations: BEIJING, Shenzhen, China

☆ China's factory activity expands for the first time since April, official survey shows
▼ + stars: | 2024-10-31 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's official purchasing managers' index for October came in at 50.1, in expansionary territory for the first time since April, according to National Bureau of Statistics data released Thursday. The last time the PMI was above the 50-point line that determines contraction from activity was in April, with a reading of 50.4. Raw materials inventory ticked up to 48.2, still in contraction territory, along with employment at 48.4, which was mildly better than the prior month. The statistics bureau's PMI for non-manufacturing activity rose to 50.2 in October. The employment portion of the non-manufacturing PMI climbed by 1.1 percentage points to 45.8.

Organizations: BEIJING, National Bureau, Statistics, PMI

☆ China's Xiaomi delivers 20,000 EVs in October, just months after launching its first car
▼ + stars: | 2024-10-30 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Chinese smartphone company Xiaomi on Tuesday announced a sports car version of its SU7 electric sedan would begin preorders for the equivalent of more than $110,000. BEIJING — China's Xiaomi said Tuesday that it had delivered more than 20,000 SU7 EVs in October as it ramps up production for its electric car venture in a fiercely competitive market. While Xpeng delivered a monthly record of more than 20,000 cars in September, with about half the sales owed to its newly launched, lower-cost brand Mona, Nio has struggled to keep monthly deliveries above 20,000 cars. Zeekr , an electric car brand founded by automaker Geely, has claimed it produced more than 100,000 vehicles in 1.5 years. Data on other Chinese electric car companies' deliveries for October is expected Friday.

Persons: China's Xiaomi, Xiaomi, Tesla, Xpeng, Nio Organizations: BEIJING, EVs, Geely Locations: China

After months of incremental measures, Chinese President Xi Jinping in late September led a top-level meeting that vowed to "halt the real estate market decline." Earlier this month, the Finance Ministry introduced more measures aimed at stabilizing the real estate sector. Property sales and new home construction are unlikely to stabilize until 2027, Goldman forecast. watch nowS&P Global Ratings and Morgan Stanley this month also published reports forecasting China's real estate market will bottom in the second half of 2025. China's latest efforts to bolster confidence have given the real estate market a lift.

Persons: Xi Jinping, Goldman Sachs, Goldman, Morgan Stanley, Edward Chan, Nomura Organizations: China Vanke Co, Bloomberg, Getty, Finance Ministry, Goldman, China Index Academy, P Global, National Bureau of Statistics Locations: China, Hefei, Beijing

☆ Chinese IPOs in the U.S. and Hong Kong are set to increase next year, analysts say
▼ + stars: | 2024-10-29 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

China News Service | China News Service | Getty ImagesBEIJING — Chinese IPOs in the U.S. and Hong Kong are set to increase next year, analysts said, as some high-profile listings outside the mainland this year raise investor optimism over profitable exits. Last week, Horizon Robotics — a Chinese artificial intelligence and auto chip developer — and state-owned bottled water company CR Beverage went public in Hong Kong. The firm noted that Chinese delivery giant SF Express is planning for a Hong Kong IPO next month, while Chinese automaker Chery aims for one next year. Still, the overall pace of Hong Kong IPOs this year is slightly slower than expected, George Chan, global IPO leader at EY, told CNBC in an interview earlier this month. Hong Kong, then New York

Persons: Pony.ai, Didi, Marcia Ellis, Morrison Foerster, George Chan, Chan Organizations: Nasdaq, China News Service, Getty, U.S, Hong Kong Stock Exchange, CR Beverage, Renaissance, Hong, Chery, CNBC, IPOs Locations: BEIJING, U.S, Hong Kong, China, New York, Mainland China, New

☆ Alibaba and more: Fund manager gets bullish on 3 China tech stocks — expecting one to double
▼ + stars: | 2024-10-29 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Hsu, founder and chairman of Rayliant Global Advisors, told CNBC's Pro Talks that Alibaba , JD.com , and Pinduoduo are among his top picks. If signs of consumption growth return to China, he suggested the stock could climb to $200 per share or double from current levels. BABA 1Y line Hsu said he views JD.com similarly to Alibaba, with his preference between the two mainly driven by valuation metrics. PDD Pinduoduo underperformed the broader Chinese stock market this year and has fallen by 14% so far this year. Baidu Not all Chinese technology stocks are equally attractive.

Persons: Jason Hsu, Hsu, CNBC's, BABA, CNBC's Tanvir Gill, JD.com, They've, —, Evelyn Cheng Organizations: Rayliant Global Advisors, Baidu, Alibaba's, Wall Street, China Equity ETF, Google Locations: China, Beijing, Alibaba's New York

☆ How Apple's China suppliers could actually benefit from U.S. trade tensions, according to JPMorgan
▼ + stars: | 2024-10-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

After a sweeping look at global trade shifts, JPMorgan strategists have concluded that some of Apple's Chinese suppliers could benefit from the trend of supply chain diversification. The Oct. 18 report looked at 10 aspects of "the great supply chain relocation and the rise of trading blocs." The analysis ranged from China's dominance in the global supply chain and overcapacity concerns, to U.S. policy. Calls for supply chain diversification picked up during the Covid-19 pandemic. "Further, they highlight names that could benefit from Apple's supply chain relocation," the report said.

Persons: Donald Trump's, Trump, Kamala Harris, Oppo, Bernstein, — CNBC's Michael Bloom Organizations: JPMorgan, Republican, Democratic, Biden, Apple, Wingtech, Luxshare Precision Industry Locations: U.S, China, India, ASEAN, Mexico, iPhones, GoerTek, Luxshare, Vietnam, Malaysia, Philippines, Shenzhen, Indonesia

☆ China schedules meeting expected to reveal fiscal stimulus details
▼ + stars: | 2024-10-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

BEIJING — China's parliament will hold a highly anticipated meeting Nov. 4 to 8, state media said Friday, according to a CNBC translation. Investors have been awaiting news of the gathering of the standing committee of the National People's Congress, which is expected to announce details on any fiscal stimulus. Last year, the committee's meeting in late October oversaw a rare increase in China's fiscal deficit to 3.8%, from 3%, which was subsequently reported by state media. He pointed out that the last month of Chinese stimulus measures have all underscored the need for more fiscal support. Analysts have tempered expectations that large-scale fiscal stimulus would directly pillar consumption, instead noting how struggling local governments would likely get support first.

Persons: Bruce Pang, Finance Lan Fo'an, Xi Jinping, Pang Organizations: BEIJING —, CNBC, National People's Congress, China's, Finance, People's Bank of Locations: Beijing, BEIJING, China, JLL, People's Bank of China

China's Ministry of Commerce on Thursday emphasized the country's efforts to restrict illegal exports of military goods to Russia as it seeks to cast Beijing as a neutral player amid the ongoing war in Ukraine. The term refers to goods or technologies that can be used for civilian as well as military purposes. China on Saturday unveiled an export control law for dual-use items, set to take effect Dec. 1. Despite the timing of its release, the text of China's new export control law does not mention specific countries. And Xi did not mention the export controls in during his trip to Russia, according to official statements.

Persons: Xi Jinping, Vladimir Putin, Gabriel Wildau, Xi Organizations: SZ, Technology, China's Ministry of Commerce, Atlantic Treaty Organization, Saturday, U.S Locations: Shenzhen, China, Russia, Beijing, Ukraine, Kazan, Russian, Moscow

☆ Chinese smartphone maker Oppo doubles down on AI, says in regular talks with Google and Microsoft
▼ + stars: | 2024-10-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Chinese smartphone company Oppo ranks second in mainland China, and fourth worldwide, according to Canalys. Nurphoto | Nurphoto | Getty ImagesBEIJING — Chinese smartphone company Oppo is doubling down on artificial intelligence as it holds weekly talks about AI with senior management at Google and Microsoft in the run-up to the launch of its flagship phone overseas. The rise of generative AI — tech that can produce human-like responses when prompted — has companies from Apple to Honeywell rushing to tap its capabilities. AI smartphones set for growthOppo in June announced it plans to integrate generative AI in 50 million of its devices this year. Apple next week is due to publicly release its first software update with AI tools.

Persons: —, Billy Zhang, Zhang, Xiaomi, Oppo Organizations: Nurphoto, Getty, Google, Microsoft, Apple, Honeywell, CNBC, Samsung, Tech Locations: China, BEIJING, Shenzhen, Europe, Southeast Asia, U.S

☆ Chinese smartphone companies tout AI features ahead of Apple Intelligence launch
▼ + stars: | 2024-10-23 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Chinese smartphone company Honor on Wednesday revealed new AI features. U.S. sanctions cut Huawei off from Google, prompting the Chinese company to launch its own operating system, HarmonyOS, in 2019. Telecommunications giant Huawei on Tuesday launched an upgrade to its HarmonyOS system that eliminated reliance on the Google-created Android operating system. The new AI features are slated for release on Honor's forthcoming Magic 7 smartphone, due for launch on Oct. 30. Chinese home appliance and smartphone company Xiaomi will also launch a new phone this month that uses Qualcomm's Snapdragon Elite 8 chip.

Persons: George Zhao, Toby Zhu, Canalys Organizations: Huawei, Google, Telecommunications, Baidu, Qualcomm, CNBC Locations: Shanghai, China

☆ China cuts benchmark lending rates by 25 basis points
▼ + stars: | 2024-10-21 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

China on Monday lowered its main benchmark lending rates by 25 basis points at the monthly fixing. The one-year loan prime rate (LPR) has been cut to 3.1%, while the five-year LPR has been trimmed to 3.6%, the People's Bank of China (PBOC) said. The one-year LPR influences corporate loans and most household loans in China, while the five-year LPR serves as a benchmark for mortgage rates. China's central bank governor Pan Gongsheng had indicated on Friday during a forum held in Beijing that the loan prime benchmark rates would be lowered by 20 to 25 basis points. The seven-day reverse repurchase rate will be cut by 20 basis points, while the medium-term lending facility rate will be lowered by 30 basis points, Pan also highlighted.

Persons: LPR, Pan Gongsheng, Pan, Shane Oliver, Zhiwei Zhang, — CNBC's Evelyn Cheng Organizations: People's Bank of China, AMP Locations: China, Beijing

☆ Analysts pick winners from China stimulus measures
▼ + stars: | 2024-10-20 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Now that China's key ministers have spoken on stimulus, analysts have narrowed down the stocks likely to benefit. Chinese stocks have tempered their recent rally as investors await more policy details. Beyond interest rate cuts, the most tangible Chinese stimulus policies include subsidies to boost consumption with a trade-in program, along with incremental property market support. They screened for mainland-traded Chinese stocks with relatively high dividend yields and strong cash flow. While Chinese property developers may not bounce back right away, HSBC analysts expect construction software company Glodon, listed in Shenzhen, can benefit from property market stabilization.

Persons: David Chao, Morgan Stanley, Morgan, Ni Hong, Edward Chan Organizations: Asia Pacific, Aluminum Corp, Cement, HSBC, National Bureau of Statistics Locations: Japan, Invesco, Hong Kong, Anhui, Beijing, Shenzhen, Shanghai

☆ China pledges more financial support for 'whitelist' real estate projects
▼ + stars: | 2024-10-17 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +4 min

China vowed more financial support for real estate projects that fall under its so-called whitelist and to speed up banks lending of 4 trillion yuan ($561.8 billion) for such projects, according to the nation's housing ministry. A total of 2.23 trillion yuan has been approved in loans to whitelisted developers, and that figure is expected to exceed 4 trillion yuan by the end of this year, according to a senior official from the financial regulator. Real estate was also the leading gainer in Mainland China's CSI 300, advancing by nearly 5%. Days later, officials in a top-level meeting, chaired by Chinese president Xi Jinping, pledged to "halt the real estate market decline and spur a stable recovery." More than 50 cities across China had introduced policies to boost the real estate market, according to Chinese state media citing the housing ministry.

Persons: Ni, HSMPI, Pan Gongsheng, Xi Jinping, Goldman Sachs, —, — CNBC's Evelyn Cheng Organizations: National Financial Regulatory Administration, Investors, China's Ministry of Finance, Mainland, China's CSI, People Bank of China, National Bureau, Statistics Locations: China, Beijing, China's, Guangzhou, Shanghai, Shenzhen

☆ Alibaba's international arm says its new AI translation tool beats Google and ChatGPT
▼ + stars: | 2024-10-16 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — Chinese e-commerce giant Alibaba 's international arm on Wednesday launched an updated version of its artificial intelligence-powered translation tool that, it says, is better than products offered by Google, DeepL and ChatGPT. Alibaba's fast-growing international unit released the AI translation product as an update to one unveiled about a year ago, which it says already has 500,000 merchant users. Sellers based in one country can use the translation tool to create product pages in the language of the target market. Large language models power artificial intelligence applications such as OpenAI's ChatGPT, which can also translate text. Alibaba's translation tool is based on its own model called Qwen.

Persons: Marco MT, Sellers, Kaifu Zhang Organizations: Alibaba, Google, Flores, Alibaba International Digital Commerce Group, CNBC Locations: China, BEIJING

☆ China's Ministry of Finance is taking aim at local debt problems before tackling broader economic challenges
▼ + stars: | 2024-10-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Nurphoto | Nurphoto | Getty ImagesBEIJING — China's Ministry of Finance press briefing over the weekend underscored how it is focused on tackling local government debt problems, instead of the stimulus markets have been waiting for. In his opening remarks on Saturday, Minister of Finance Lan Fo'an laid out four measures, starting with increasing support for local governments in resolving debt risks. China's real estate market slump has cut into a significant source of revenue for local governments, many of which struggled financially even before needing to spend on Covid-19 measures. He added that a large plan to address local governments' hidden debt would be announced in the near future, without specifying when. Historically, local governments were responsible for more than 85% of expenditure but only received about 60% of tax revenue, Rhodium Group said in 2021.

Persons: Finance Lan Fo'an, Lan, Robin Xing, Morgan Stanley Organizations: Goldin Finance, Nurphoto, Getty, BEIJING, China's Ministry, Finance, Ministry of Finance, International Monetary Fund Locations: Tianjin, China, Covid

☆ China's exports and imports grew far less than expected in September
▼ + stars: | 2024-10-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's exports grew by 2.4% in September from a year ago in U.S. dollar terms, while imports rose by 0.3%, customs data showed Monday. China's exports were forecast to have risen by 6% year-on-year in September in U.S. dollar terms, according to a Reuters poll. Imports were expected to have climbed by 0.9% in September from a year ago, according to the Reuters poll. Exports had been a bright spot in China's economy, which has been weighed down by lackluster consumer spending and a real estate slump. China's exports to the U.S., its largest trading partner, rose by 2.2% in September from a year ago, while imports from the U.S. climbed by 6.7%, according to CNBC's analysis of official data.

Organizations: Imports, Reuters, Exports, U.S Locations: Port, Shanghai, China, BEIJING, U.S

☆ China's real estate stimulus could boost this stock, analysts say
▼ + stars: | 2024-10-13 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

While China's property development giants find their footing amid the ongoing real estate slump, several analysts have their sights on housing transaction and services platform KE Holdings . The stock also trades in Hong Kong. In contrast, an index of Chinese property stocks in Hong Kong has gained just under 3% for the year after a volatile three weeks. But China's giant property developers now face a market that's very different from the one they saw in their heyday. Goldman has a price target of 54 Hong Kong dollars ($6.95) and $21 for the company's U.S.-listed shares.

Persons: Jefferies, Xi Jinping, Richard Tang, Hong Kong, Julius Baer, Tang, Goldman Sachs, Goldman, — CNBC's Michael Bloom Organizations: KE, KE Holdings, Jefferies, CNBC, People's Bank of, Bank of America Securities, Bank of America, BofA Securities, Goldman, Hong Locations: U.S, Hong Kong, Friday's, China, People's Bank of China, Beijing, Hong

☆ Chinese finance minister hints at increasing the deficit at highly anticipated briefing
▼ + stars: | 2024-10-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

BEIJING — China's Minister of Finance Lan Fo'an told reporters Saturday during a press briefing that the central government has room to increase debt and the deficit. Economists have said China needs additional fiscal support, but Beijing has yet to announce any. He did not name specific figures and noted supporting real estate required multiple policies. In a meeting in late September, led by Chinese President Xi Jinping, authorities had called for strengthening monetary and fiscal policy support. China's retail sales grew only modestly over the last few months, and the country's real estate slump has shown few signs of turning around.

Persons: Lan Fo'an, Zheng Shanjie, Pan Gongsheng, Finance Lan Fo'an, Lan, Finance Liao Min, Xi Jinping, Ting Lu Organizations: National Development, Reform Commission, People's Bank of China, National People's Congress, BEIJING —, Finance, Nomura, National Bureau, Statistics Locations: Beijing, China, BEIJING

☆ China's Golden Week holiday signals persistent consumer caution
▼ + stars: | 2024-10-09 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Passengers line up to check in at Chengdu Tianfu International Airport on October 6, 2024 as China's week-long National Day holiday draws to a close. China News Service | China News Service | Getty ImagesBEIJING — China's Golden Week holiday affirmed a trend in more cautious spending, while consumers put greater emphasis on experiences. The Golden Week holiday in China commemorates the founding of the People's Republic of China on Oct. 1. "The Golden Week consumption could still suggest a modest recovery versus August, in our view, due to trade-in subsidies (for appliances and autos) and consumption vouchers issued by the local governments," Peng said. During Golden Week, mainland China recorded 765 million domestic trips, up from both the prior year and before the pandemic, according to the Ministry of Culture and Tourism.

Persons: Goldman Sachs, Goldman, Trip.com, Kenneth Chow, Oliver Wyman, Chow, It's, Christine Peng, Peng Organizations: Chengdu Tianfu International, China News Service, Getty, BEIJING, China Film Administration, Consumers, CNBC, UBS, Ministry of Culture, Tourism Locations: Chengdu, China, People's Republic of China, Greater China, Japan, Thailand

☆ Baidu's robotaxi unit is exploring expansion into global markets in the 'near future'
▼ + stars: | 2024-10-09 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

Chinese tech company Baidu announced Monday it can sell some robotaxi rides without any human staff in the vehicles. BEIJING — Chinese tech company Baidu 's robotaxi unit, Apollo Go, is in talks with several firms to expand into overseas markets in the "near future," according to a source familiar with the matter. Baidu is one of the major operators of robotaxis in China. Regulators in parts of Beijing and cities such as Wuhan — Apollo Go's largest operating region — have allowed companies to commercially operate self-driving taxis after years of just permitting internal testing. Tesla is scheduled to hold its widely anticipated robotaxi event on Thursday.

Persons: Tesla Organizations: Baidu, Regulators, Apollo Locations: BEIJING, robotaxis, China, Beijing, Wuhan

☆ U.S. bans Chinese firms in Uyghur region as Beijing fights forced labor claims
▼ + stars: | 2024-10-03 | by ( Dylan Butts | ) www.cnbc.com time to read: +3 min

The U.S. has added two new Chinese companies to a Xinjiang trade blacklist over forced labor accusations. The Department of Homeland Security announced on Wednesday that a Chinese steel manufacturer and an artificial sweetener maker would be placed on the Uyghur Forced Labor Prevention Act (UFLPA) Entity List. The list, which now includes 75 entities, bans imports that are made in full or in part in China's Xinjiang Uyghur Region, based on the assumption that forced labor of China's Uyghurs and other ethnic minorities was used in their manufacturing. The European Union has endorsed new laws that will ban products made using forced labor and require big firms to preform human rights and environmental audits on overseas suppliers. Taiwan is also reportedly considering its own bill on forced labor, similar to the UFLPA.

Persons: Robert Silvers, Silvers, Tommy Hilfiger, Calvin Klein, PVH, Lockheed Martin, — CNBC's Evelyn Cheng Organizations: U.S, Beijing, The Department of Homeland Security, Uyghur, Labor, Department of Homeland Security, U.S ., China's Ministry of Commerce, CNBC, Raytheon, The European Union Locations: Xinjiang, China's Xinjiang Uyghur, U.S, China, Beijing, Taiwan

☆ ‘No challenges can stop China’s progress,’ Xi Jinping says in 75th anniversary speech
▼ + stars: | 2024-10-01 | by ( Evelyn Cheng | Evelyn Cheng Is A Senior Correspondent With Cnbc. | ) www.nbcnews.com time to read: +3 min

BEIJING — Chinese President Xi Jinping said Monday that no challenges can stop the country from moving forward and reiterated Beijing’s reunification aims with Taiwan. “The path ahead will definitely see challenges,” Xi said, before calling on the country to overcome uncertainties and risks. “No challenges can stop China’s progress.”The comments were translated by CNBC from a Chinese state media broadcast. Xi did not mention specific countries or trade conflicts in his Monday speech, instead portraying China as upholding globalization. In a 2019 speech commemorating the PRC’s 70th anniversary, Xi had said that no force could sway China’s development, amid festivities involving a military parade and large-scale celebrations.

Persons: Xi Jinping, ” Xi, Xi, Beijing’s, “, ” Organizations: CNBC, Communist Party’s, Macao —, People’s Bank of, Ministry of Finance Locations: BEIJING, Taiwan, People’s Republic of China, Beijing, China, U.S, Europe, Greater China, Hong Kong, Macao, People’s Bank of China

A Li L6 by Li Auto is displayed at its booth during the Beijing International Automotive Exhibition, or Auto China 2024, in Beijing, China, April 25, 2024. BEIJING — Chinese new energy vehicle brands Li Auto and Zeekr each delivered a record number of cars in September, according to company data released Tuesday. New energy vehicles include hybrids and those powered only by battery. Li Auto reported 53,709 deliveries in September, setting a record more than 5% above a prior high reached in July. Geely-owned electric car company Zeekr also delivered a record of 21,333 vehicles in September.

Persons: Li, Li Auto, Zeekr, Nio, Hong Kong's Organizations: Li, Beijing International Automotive, Auto, Li Auto, Huawei Locations: Beijing, China, BEIJING, Hong Kong

☆ Morgan Stanley names China stocks set to benefit from a 'sustained rally'
▼ + stars: | 2024-10-01 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

Morgan Stanley says that Chinese stocks could enjoy a more "sustained rally" in the next phase — beyond a near-term jump — as they ride on the wave of stimulus measures and signals announced last week. They predict at least a 10% rally in the near term , and even more ahead. Against that backdrop, the bank indicated its preference for certain stocks that are set to benefit from easing measures. Stock screens Morgan Stanley did a few stock screens to sieve out those set to benefit. Morgan Stanley says it expected a supplementary budget to be announced in late October, supporting consumption and local government financing.

Persons: Morgan Stanley, Evelyn Cheng Locations: Hong Kong, China

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